A Modest (Salary) Proposal

[Cheshire Figment]

The Federal Minimum Wage is currently $6.55 per hour. The highest State Minimum Wage is $8.07 per hour (WA) with two states (CA and MA) at $8.00.

Based on the computation of 2,080 work hours per year (52 weeks at 40 hours per week), the highest minimum wage for a person who works 40 hours per week is $16,785.60.

The President of The United States has a salary of $400,000. This is 23.83 times the minimum wage of the highest state minimum wage.

I would suggest that effective immediately any company which receives a Federal bailout be required to reduce all salaries so the highest salary is less than that made by the President of the US. They would, of course, proportionally lower the salaries of lesser individuals. And while the bailout is in progress they will not be allowed to award any bonuses.

If you look at the salaries and bonuses paid to people, especially upper level executives, at many of these financial organizations you can see where a very large amount of money can be saved. And any executive who does not like it can resign and not accept the reduction; I am certain there are lots of competent people within the companies or who are looking for jobs would be willing to accept these positions.

 

[cteddiesgirl]

 

[JB111107]

I wholeheartedly agree that there shouldn't be any salary in this country higher than that of the President. Athletes and CEO's of these companies in dire straights would have to go back to living as normal people, but they do not deserve millions and millions for what they do.

If they have a means of earning extras by public appearances, book deals, speaking, endorsements, etc.I say go for it. I'm all for making as much as you can, but for your "occupation" I don't feel there is a more important one in the country than that of the President.

I was thinking that if you just took the money that these corrupt officials made over the last 5-9 years in short selling their stocks, hiding money losses to show profits and collect unearned bonuses, and such, we'd have about 2/3 of the money we've shelled out in bailouts back into the pockets of the average american taxpayer instead of our investments heading south.

seems to me that since Congress and these yahoo's that are now millionaires because of their own shady practices are responsible for getting us into this mess, they should be the ones footing the bill to get us out of it.

I started to say that these CEO's are now unemployed, but I had to stop myself because I realized that two of the worst offenders of the general public's betrayal are now heading up Obama's campaign, no doubtedly making even more money off the taxpayers.

 

[chris1gill]

The Federal Minimum Wage is currently $5.85 per hour. The highest State Minimum Wage is $8.07 per hour (WA) with two states (CA and MA) at $8.00.

Based on the computation of 2,080 work hours per year (52 weeks at 40 hours per week), the highest minimum wage for a person who works 40 hours per week is $16,785.60.

The President of The United States has a salary of $400,000. This is 23.83 times the minimum wage of the highest state minimum wage.

I would suggest that effective immediately any company which receives a Federal bailout be required to reduce all salaries so the highest salary is less than that made by the President of the US. They would, of course, proportionally lower the salaries of lesser individuals. And while the bailout is in progress they will not be allowed to award any bonuses.

If you look at the salaries and bonuses paid to people, especially upper level executives, at many of these financial organizations you can see where a very large amount of money can be saved. And any executive who does not like it can resign and not accept the reduction; I am certain there are lots of competent people within the companies or who are looking for jobs would be willing to accept these positions.

I just want to confirm you don't want to lower the payment of those making minimum wage. I couldn't agree more about the CEO's.....

 

[LaraK]

Being President is an investment, like college. Once they're out of office they make millions through personal appearances and book deals.

 

[Micca]

If you are on the board of directors of one the businesses, aren't you going to take a long, hard look at paying the CEO and top officers big bucks when the U.S. Gvmt. has just had to bail you out?

In the immortal words of Don Trump: YOU'RE FIRED!

 

[ConcKahuna]

Working for a company who's former CEO took a $3,000,000 severance bonus when he left, and this the same year they told us hourly folks the company didn't make enough to give us a raise, I agree with this 500%.

Look at F. Ross Johnson, who messed up R.J. Nabisco so much that the company ended up being bought out. His severange package was $53,000,000.

 

[delilah]

I'm all for making as much as you can, but for your "occupation" I don't feel there is a more important one in the country than that of the President.

I think there are lots of people who would change their tune very quickly when they were coding and they had a choice between Missy Palin and Dr. Delilah conducting their code and managing their subsequent medical care. I guarantee that you have about a 1,000,000 fold greater chance of surviving if I or somebody with my training, experience and expertise do it.

 

[crashbb]

I think there are lots of people who would change their tune very quickly when they were coding and they had a choice between Missy Palin and Dr. Delilah conducting their code and managing their subsequent medical care. I guarantee that you have about a 1,000,000 fold greater chance of surviving if I or somebody with my training, experience and expertise do it.

But all that "proves" is that someone trained as a physician does a better job as a physician than someone not trained as a physician. It says absolutely nothing about the relative importance of the President compared to other jobs - which is what you quoted.

 

[dmslush]

Working for a company who's former CEO took a $3,000,000 severance bonus when he left, and this the same year they told us hourly folks the company didn't make enough to give us a raise, I agree with this 500%.

Look at F. Ross Johnson, who messed up R.J. Nabisco so much that the company ended up being bought out. His severange package was $53,000,000.

I agree 100%! It burns my buttons that as a state employee, I was not afforded a 3% 'cost of living increase' due to the state being broke, but our government is going to bail out these companies???? You have people in my job jumping ship like there is no tomorrow due to the low pay, long hours and stressful conditions... but we aren't valued enough to get a raise at all.

 

[What the Heck]

I just want to confirm you don't want to lower the payment of those making minimum wage. I couldn't agree more about the CEO's.....

Something we both can agree on. I mean, some of the current pay of these CEO's is nuts. Anyone that is bailed out, though, should really be helping out as well. And, I think they should go back at least one year if a CEO or President was let go or fired in that time (or quit because the writing was on the wall).

 

[kimmikayb]

I agree!

 

[BuckNaked]

I agree 100%! It burns my buttons that as a state employee, I was not afforded a 3% 'cost of living increase' due to the state being broke, but our government is going to bail out these companies????

Completely unrelated - state funds v. federal funds.

I wholeheartedly agree that there shouldn't be any salary in this country higher than that of the President. Athletes and CEO's of these companies in dire straights would have to go back to living as normal people, but they do not deserve millions and millions for what they do.

I disagree - athletes, CEOs, anyone really, is worth and deserves whatever someone is willing to pay them for what they do.

 

[rayelias]

So, let me understand this...

There are actually people here promoting raising minimum wage and imposing a maximum wage.

You know, there was a time where Communists in the US had to hide behind closed doors.

Now, they're out in full force and actively promoting their agenda in the good ol' US of A.

 

[ntsammy5]

Insidious!

I like it -

By the way, if you own the business that's a different story. If we are spending hundreds of billions of dollars to bail out these firms, we DO have a say in compensation packages.

 

[ConcKahuna]

So, let me understand this...

There are actually people here promoting raising minimum wage and imposing a maximum wage.

You know, there was a time where Communists in the US had to hide behind closed doors.

Now, they're out in full force and actively promoting their agenda in the good ol' US of A.

The arguments are that the minimum wage should be raised, and that people who are running companies now being bailed out by our government should take pay cuts to try and support thier own company.

It's common sense to me, not communism.

 

[Cool-Beans]

And eat their babies.

 

[ConcKahuna]

And eat their babies.

Well, the baby-eating is just a general good concept, and a way to stay away from requiring social medicine!

 

[rayelias]

The arguments are that the minimum wage should be raised, and that people who are running companies now being bailed out by our government should take pay cuts to try and support thier own company.

It's common sense to me, not communism.

Some posters disagree.

I wholeheartedly agree that there shouldn't be any salary in this country higher than that of the President.

I couldn't agree more about the CEO's.....

The salaries of the presidents of companies is voted on by the shareholders (owners) of the corporations. IMHO, it's their own darned fault if they choose to hire someone and compensate them at whatever level, ESPECIALLY if they're not providing results.

I don't think it should be mandated by law, but I believe the BEST way to compensate high-level executives is a very moderate salary and bonuses based on performance. You make the shareholders lots of money, you make lots of money. You lose the shareholders money, you don't get jack.

Also, just to state my case, I believe the federal bailout of companies is WRONG, WRONG, WRONG! The government is NOT the answer. Let the MARKET fix itself. If it doesn't, and the government intervenes, it's not going to fix anything, it's just going to prolong the hurt.

It's a shame that people will lose their investments. When you invest, you take the risk of doubling, tripling your money. You also have to swallow the bitter pill if you lose everything. People invest WAY too casually. As a matter of fact, most people spend more time investigating the purchase of a new TV than the investments they put their life savings into.

There are many options that limit risk (and are virtually risk free), but returns are very low. Perhaps those who made greedy decisions and wanted huge returns should've chosen a 5 year CD paying 2% if they wanted to be safe. But, they wanted the big payoff. With that comes risk.

You pays your dime, you takes your chances.

"A fool and his money are lucky enough to get together in the first place."

 

[JimmyPicker]

The Federal Minimum Wage is currently $5.85 per hour. The highest State Minimum Wage is $8.07 per hour (WA) with two states (CA and MA) at $8.00.

Based on the computation of 2,080 work hours per year (52 weeks at 40 hours per week), the highest minimum wage for a person who works 40 hours per week is $16,785.60.

The President of The United States has a salary of $400,000. This is 23.83 times the minimum wage of the highest state minimum wage.

I would suggest that effective immediately any company which receives a Federal bailout be required to reduce all salaries so the highest salary is less than that made by the President of the US. They would, of course, proportionally lower the salaries of lesser individuals. And while the bailout is in progress they will not be allowed to award any bonuses.

If you look at the salaries and bonuses paid to people, especially upper level executives, at many of these financial organizations you can see where a very large amount of money can be saved. And any executive who does not like it can resign and not accept the reduction; I am certain there are lots of competent people within the companies or who are looking for jobs would be willing to accept these positions.

Federal minimum wage is $6.55/hour. I know it doesn't change the thought process at all, but I wanted to clear that up.